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Cogent Communications to Acquire Key U.S. Assets of PSINET

WASHINGTON, D.C., February 27, 2002 - Cogent Communications Group, Inc. (AMEX: COI) , a Tier One, next-generation optical Internet Service Provider and PSINet Inc., a provider of Internet access, web-hosting and related services, announced today that they have entered into a definitive agreement for Cogent to purchase the major U.S. operating assets of PSINet, including portions of its U.S. customer base and network, certain equipment, and three hosting centers.

The agreement is subject to a number of conditions, including approval by the U.S. Bankruptcy Court of certain bidding and auction procedures, and approval of the sale itself. Dresdner Kleinwort Wasserstein, Inc. provided financial advice to PSINet on the transaction.

About PSINet Inc.

Headquartered in Ashburn, Va., PSINet Inc. was founded in 1989 and was the first company to provide commercial Internet access. Today, PSINet is a leading provider of Internet and web-hosting services, offering flex hosting, and a full suite of retail and wholesale Internet services through wholly-owned PSINet subsidiaries. Services are provided on PSINet's owned and operated network built by some of the leading engineers and technicians in the industry.

About Cogent Communications

Cogent Communications (AMEX: COI) is a next generation optical ISP focused on delivering ultra-high speed Internet access and transport services to businesses in the multi-tenant marketplace and to service providers located in major metropolitan areas across the United States. Cogent's signature service offered to commercial end-users of 100 Mbps for $1,000 per month, offers 100 times the observed bandwidth of a T-1 connection at up to two-thirds of the cost. The Cogent solution makes ultra-high speed Internet access an affordable reality for small and medium-sized businesses, as well as large enterprises and service providers. Cogent's facilities-based, all-optical end-to-end IP network enables non-oversubscribed 100 Mbps and 1000 Mbps connectivity for radically low, unmetered pricing levels.

Cogent is one of the world's largest Internet Service Providers, delivering high quality Internet, Ethernet and Colocation services to over 84,000 Enterprise and NetCentric customers. Cogent serves over 204 markets in 43 countries across its facilities-based, all-optical IP network.